TOTAL NIGERIA PLC (TOTAL) FY-2020 shows a decline in revenue by 30.13% to N204.16bn from N292.18 recorded in 2019. Cost of sales also declined by 32.34% reducing the pressure of the low revenue on the gross profit.
Notably, gross profit declined by 13.89% to N30.18 compared to the N35.05 billion recorded in 2019. A sharp decline of 62.12% was however witnessed in the Operating profit following an increase in operating expenses.
Finance Income Buoyed Bottom-line to a Profit Making Position
Surprisingly, Profit Before Tax advanced marginally by 0.68% from N3.07bn to N3.09bn in the current period following a surge in Finance income from N1.15bn to N2.26bn. This was also supported by a 63.40% decline in finance cost. Consequently, Profit After Tax declined marginally by 1.49% from N2.28 and N2.24bn.